As numerous regulatory bodies are mulling their own cryptocurrency regulations, Bitcoin is trading slightly higher. What does 2 March Bitcoin Price Fundamental Analysis tell us about the key drivers behind the current Bitcoin value?
CryptoToday – The Bitcoin prices have rallied significantly during the trading session on Thursday. The key driver of the Bitcoin value was the remark from Sheila Blair, the former senior US regulator.
2 March Bitcoin Price Fundamental Analysis
The European markets have triggered the rally of Bitcoin, yet, the primary fuel was provided by the US. Bitcoin has been more than 1% up, with the level of $11,000 being the key resistance. In case Bitcoin will surpass $11,000 level, the market will most likely rally towards the $12,000 level.
In a less optimistic scenario, Bitcoin will slide back to $10,000 while in the meantime looking sideways, as well. The Bitcoin trading volume is relatively low as of the moment, so the most likely near future scenario is that the Bitcoin will trade sideways.
As of the moment of writing, the price of one Bitcoin stands at $10,866.40.
Bitcoin regulatory concerns
The recent bullish shift has also appeared thanks to the lack of any major regulatory announcements from such countries, as Japan, US and the whole of European Union.
However, there are many nations that have been mulling cryptocurrency regulations, with the key argument being that Bitcoin is not a real currency. Other countries also refer to the fact that Bitcoin and other altcoins are often utilized for the illicit financial activities, such as money laundering and terrorism financing.
Coming back to Sheila Blair’s comment, she has stated that Bitcoin has no intrinsic value and that its value is exaggerated. She has also noted that following the same logic, other currencies would be worthless, too. She has added:
‘I don’t think we should ban it — the green bills in your pocket don’t have an intrinsic value, either. The value is based on what others think is its value. That’s true of any currency.’
In the meantime, the BoE Governor Carney has stated that his institution looks into ways of regulating the activity of cryptocurrency exchanges in a bid to combat the illicit use of digital currencies.
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